Arena Resources, Inc.
Announces Increase in Bank Credit Facility to $20 Million
Tulsa, Oklahoma — December 18, 2003 — Arena Resources, Inc. (AMEX: ARD) ("Arena") announced today that its secured credit facility with Bank of Oklahoma, N.A. has been increased to $20 million. The credit facility provides for an immediate borrowing base of $4 million.

Mr. Tim Rochford, President and CEO of Arena stated, "2003 has been another year of growth through acquisition. We will continue to seek out prospects with positive cash flow that also present opportunities for growth through further development and enhancement. This credit facility will allow us to react immediately to future acquisition opportunities."

Arena Resources, Inc. is an oil and gas exploration, development and production company with current operations in Texas, Oklahoma, Kansas and New Mexico.

This release contains forward-looking statements within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve a wide variety of risks and uncertainties, including, without limitations, statements with respect to the Company's strategy and prospects. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company.

For further information contact:
K M Financial, Inc.
Bill Parsons
480-947-1589